FedEx Rises as It Says Quarterly Profit Beat Forecast- Bloomberg
FedEx Corp. rose to an 11-month high in New York trading after the second-largest U.S. package- shipping company said first-quarter profit topped its forecast.
FedEx’s announcement suggests shipping demand is starting to pick up, particularly for higher-priced international service. FedEx and larger rival United Parcel Service Inc. are considered proxies for the U.S. economy because they handle almost 80 percent of domestic package shipments.
FedEx Corp. rose to an 11-month high in New York trading after the second-largest U.S. package- shipping company said first-quarter profit topped its forecast.
FedEx’s announcement suggests shipping demand is starting to pick up, particularly for higher-priced international service. FedEx and larger rival United Parcel Service Inc. are considered proxies for the U.S. economy because they handle almost 80 percent of domestic package shipments.